Blockchain oracle company Pyth Network has partnered with neobank Revolut to move digital banking data into decentralized finance (DeFi).
Revolut will provide data for over 500 markets, including currencies, stocks and commodities. Revolut also runs a crypto exchange, although data on volume is not published.
The PYTH token spiked momentarily on the news, but has since pulled back in line with the broader market. It is now down 9% in the last 24 hours.
Pyth competes with ChainLink and aims to provide accurate prices for DeFi protocols. It airdropped its native token (PYTH) in 2023 and has a value of $7.5 billion secured in its oracle, according to DefiLlama.
Pyth also receives data from crypto exchanges Bitstamp, Bybit, and Binance, as well as various trading companies such as Jane Street and Cumberland DRW.
ChainLink’s market share for oracles has declined since the emergence of Pyth; As of May 2021, ChainLink controlled 69% of price data compared to 0.08% for Pyth. Those numbers have now leveled out at 52% and 11%, respectively.
